EANS-News: AMAG Austria Metall AG reports double-digit revenue and earnings
growth in H1 2017
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Mid Year Results
Ranshofen -
* Double-digit revenue and earnings growth:
* Revenue: +16 % to EUR 535.4 million
* EBITDA: +26 % to EUR 92.4 million
* Net income after taxes: +45 % to EUR 37.6 million
* Strategic growth program continued successfully
* Commissioning of new cold rolling mill in Ranshofen as planned
* 2017 guidance: Significant EBITDA growth year-on-year
The first half of the 2017 financial year of AMAG Austria Metall AG fully
reflected the organic growth path.
The total shipments of the AMAG Group increased by 4 % to 214,800 tonnes in the
first half of the year (H1 2016: 206,300 tonnes). The highest growth was
achieved in rolled products. Shipments from the Rolling Division were up by 6 %
to 109,700 tonnes.
Due to this volume growth, and supported by the higher aluminium price, the
revenue of the AMAG Group climbed by 16 % to EUR 535.4 million in the first half
of 2017 (H1 2016: EUR 461.4 million).
Earnings before interest, tax, depreciation and amortisation (EBITDA) during the
first six months of the year rose from EUR 73.4 million to EUR 92.4 million.
This 26 % increase mainly reflected the higher shipment volumes and the higher
aluminium price.
Helmut Wieser, CEO of AMAG: "We are growing profitably and are making good
progress. The investments that we have realised at our Ranshofen site have
enabled us to significantly imcrease our profitability."
Correspondingly, the operating result (EBIT) of the AMAG Group of EUR 55.1
million was significantly above the previous year's EUR 39.3 million. This
represents 40 % growth.
Net income after taxes increased by 45.2 %, from EUR 25.9 million to EUR 37.6
million.
The balance sheet structure of the AMAG Group remains solid. With equity of EUR
614.5 million (December 31, 2016: EUR 630.5 million), the equity ratio stands at
45.4 %, unchanged compared with the end of 2016.
Cash flow from operating activities of EUR 26.8 million in the first half of
2017 was below the previous year's level (H1 2016: EUR 69.6 million). This
mainly reflects the higher level of capital employed in connection with the
increase in the aluminium price. Cash flow from investing activities amounted to
EUR -67.4 million, compared with EUR -93.8 million in the first half of 2016.
Site expansion in Ranshofen:
The new cold rolling mill - the centrepiece of the "AMAG 2020" site expansion
project" -was commissioned to schedule on June 22, 2017. And the ramp-up of many
other facilities also started on schedule in the second quarter of 2017. With
these investments, Ranshofen has developed itself into Europe's most state-of-
the-art location for aluminium rolled products.
Helmut Wieser, CEO of AMAG: "Customers from the automotive, aerospace,
commercial vehicle, packaging, electronics, construction and engineering
industries rely on AMAG products. The diversity of requirements from the
different areas requires us to be innovative and fast in our response. With this
investment we have created an outstanding basis for such capabilities and we
have access to additional production capacities. We will increase shipments of
rolled products by more than 50 % to over 300,000 tonnes in the coming years."
2017 outlook:
Demand for aluminium products will continue to report attractive growth in the
2017 financial year. Demand for primary aluminium and rolled products is set to
increase by 4 to 5 % year-on-year according to the latest estimates from market
research institute CRU.
The Management Board is confident for the full 2017 financial year and
anticipates a significant year-on-year increase in results. Taking market
conditions as of the end of June 2017 into account, the EBITDA of the AMAG Group
is expected in a range between EUR 150 million and EUR 160 million (2016: EUR
143 million).
AMAG - key figures:
______________________________________________________________________________
|EUR | Q2/2017| Q2/2016| Change| H1/2017| H1/2016| Change|
|millions___|__________|__________|__________|__________|__________|___________|
|Shipments | 107,800| 102,600| 5.1 %| 214,800| 206,300| 4.1 %|
|in_tonnes__|__________|__________|__________|__________|__________|___________|
|of which | | | | | | |
|external | 101,800| 95,400| 6.7 %| 201,900| 189,800| 6.4 %|
|shipments | | | | | | |
|in_tonnes__|__________|__________|__________|__________|__________|___________|
|Revenue____|_____277.9|_____233.6|____19.0_%|_____535.4|_____461.4|_____16.0_%|
|EBITDA_____|______49.0|______40.7|____20.3_%|______92.4|______73.4|_____25.8_%|
|EBIT_______|______30.4|______23.8|____28.1_%|______55.1|______39.3|_____40.4_%|
|Net income | 21.0| 18.2| 15.7 %| 37.6| 25.9| 45.2 %|
|after_taxes|__________|__________|__________|__________|__________|___________|
|Cash flow | | | | | | |
|from | 19.1| 34.5| -44.6 %| 26.8| 69.6| -61.5 %|
|operating | | | | | | |
|activities_|__________|__________|__________|__________|__________|___________|
|Cash flow | | | | | | |
|from | -22.8| -50.2| 54.5 %| -67.4| -93.8| 28.2 %|
|investing | | | | | | |
|activities_|__________|__________|__________|__________|__________|___________|
|Employees1)|_____1,864|_____1,744|_____6.9_%|_____1,841|_____1,725|______6.7_%|
______________________________________________________________________________
|EUR_millions|___________30/06/2017|___________31/12/2016|_______________Change|
|Equity______|________________614.5|________________630.5|_______________-2.5_%|
|Equity_ratio|_______________45.4_%|_______________45.4_%|_____________________|
|Gearing_____|_______________50.8_%|_______________35.8_%|____________________-|
1) Average number of employees (full-time equivalents) including temporary help
workers and excluding apprentices. The figure includes a 20 percent pro rata
share of the labour force at the Alouette smelter, in line with the equity
holding.
Further inquiry note:
Investor contact:
Felix Demmelhuber
Head of Investor Relations
AMAG Austria Metall AG
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2203
Email: investorrelations@amag.at
Press contact:
Leopold Pöcksteiner
Head of Strategy, Communication, Marketing
AMAG Austria Metall AG
Lamprechtshausenerstrasse 61
5282 Ranshofen, Austria
Tel.: +43 (0) 7722-801-2205
Email: publicrelations@amag.at
end of announcement euro adhoc
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issuer: AMAG Austria Metall AG
Lamprechtshausenerstraße 61
A-5282 Ranshofen
phone: +43 7722 801 0
FAX: +43 7722 809 498
mail: investorrelations@amag.at
WWW: www.amag.at
ISIN: AT00000AMAG3
indexes: WBI, ATX BI, VÖNIX, ATX GP
stockmarkets: Wien
language: English